Whispering Winds Corporation shipped $25.000 of merchandise on consignment to Pharoah Company. Whispering Winds paid freight...
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Whispering Winds Corporation shipped $25.000 of merchandise on consignment to Pharoah Company. Whispering Winds paid freight costs of $2,000. Pharoah Company paid $500 for local advertising, which is reimbursable from Whispering Winds. By year end, 60% of the merchandise had been sold for $20.500. Pharoah notified Whispering Winds, retained a 10% commission, and remitted the cash due to Whispering Winds, Prepare Whispering Winds's journal entry when cash is received. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Whispering Winds Corporation shipped $25.000 of merchandise on consignment to Pharoah Company. Whispering Winds paid freight costs of $2,000. Pharoah Company paid $500 for local advertising, which is reimbursable from Whispering Winds. By year end, 60% of the merchandise had been sold for $20.500. Pharoah notified Whispering Winds, retained a 10% commission, and remitted the cash due to Whispering Winds, Prepare Whispering Winds's journal entry when cash is received. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)
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The journal entry for Whispering Winds Corporation when cash is received from Pharoah Company would ... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0176509736
10th Canadian Edition, Volume 1
Authors: Donald Kieso, Jerry Weygandt, Terry Warfield, Nicola Young,
Posted Date:
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